WASHINGTON, D.C. Today, the Commerce Department released its gross domestic product (GDP) estimate for the third quarter of 2022. It found the U.S. economy rose by 2.6%. This follows two consecutive quarters of GDP declines of -1.6% and -0.6%, respectively. 

Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:

“Make no mistake. The U.S. economy is not well. One slightly positive economic reading does not outweigh the harsh reality for American households. 40-year-high inflation erodes Americans’ incomes and undercuts their standard of living. High borrowing costs have priced out first-time homebuyers and slowed the housing market. Pessimism due to inflation and interest rates has plunged consumer confidence and slowed spending, which are drivers of the U.S. economy. This 2.6% GDP growth rate is likely a one-time boost before an ever-bigger coming bust.

“We did not have to end up here. Inflation took off in 2021 because President Biden and his Democratic congressional allies passed a massively inflationary spending bill. High inflation was not global until relatively recently, and not every nation is experiencing it. So let’s not blame Putin, price-gouging, or any other scapegoat. This is a result of policy decisions that were made by political leaders.

“There’s no magic bullet to solving inflation, but at a minimum, additional inflationary spending should be off the table. The Federal Reserve’s aggressive steps to fight inflation are a painful price that we all pay for Biden and Democrats’ ill-advised economic policies.”

Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended but actually enhance people’s freedom, choices, and opportunities.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.